Stocks end mixed as markets assess earnings

Stocks posted an uneven finish on Wall Street Tuesday, handing the S&P 500 index its second decline in a row.

An early gain faded as investors assessed a mixed bag of corporate results and looked ahead to a heavy schedule of news on companies and the economy.

Xerox and 3M rose after reporting solid results, but Harley-Davidson fell. Apple, which alarmed traders earlier this month when it disclosed that demand for iPhones is waning, reported earnings that topped Wall Street’s forecasts.

“We think earnings are good and economic growth is good, it’s just not great like it was last year,” said John Lynch, chief investment strategist for LPL Financial.

The Dow Jones Industrial Average gained 51.74 points, or 0.2 percent, to 24,579.96. The benchmark S&P 500 index dropped 3.85 points, or 0.1 percent, to 2,640.

The tech-heavy Nasdaq composite fell 57.39 points, or 0.8 percent, to 7,028.29. The Russell 2000 index of smaller companies gave up 2.09 points, or 0.1 percent, to $1,471.45. Major stock indexes in Europe closed higher.

Losses in technology and media companies outweighed solid gains in industrial and health care stocks.

Of the 22 percent of S&P 500 companies that have reported results for the October-December quarter, about 46 percent have posted earnings and revenue that topped Wall Street’s expectations, according to S&P Global Market Intelligence.

Corning delivered an upbeat fourth-quarter report, topping forecasts. The company expects more growth for its display-glass and optical communications segments, which makes screens for electronic devices and fiber optic cables. The stock jumped 11.1 percent to $33.72.

Pfizer rose after the world’s largest drugmaker reported mixed results. While hefty costs for layoffs and acquisitions sunk fourth-quarter profit, the results still topped Wall Street forecasts. The company has been struggling to upgrade sterile injectable drug factories it bought from Hospira, but repairs have dragged on and production shutdowns have cut into sales.

Pfizer also gave Wall Street a weak sales and profit outlook for the year, but the company is still coming off a good year, getting four new cancer drugs that could be blockbusters approved in the last 14 weeks of 2018. The stock climbed 3.1 percent to $40.77.

U.S. crude oil rose 2.5 percent to settle at $53.31 per barrel in New York. Brent crude, used to price international oils, added 2.3 percent to $61.32 per barrel in London.